I sort of forgot we only get a 3% match and then the cr-ppy additional match based on business results. Most other competitors do better than but we have a 'great comp package.' We struggle to get great talent in the door anymore because even our own TA teams are frustrated we keep getting turned down for not being competitive with our offers. ugh.
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@jr And this is a big part of why the lawsuits are inevitable! Anyone even with a modicum of record keeping has standing!
@js Wow! The racism that is allowed on this forum and at Medtronic is truly disgusting. T
@jx Yes, it was announced this week. He’s done June 1st I think.
@jg Brett Wall is gone?
Weird…I only see lazy white people who spend their time complaining DEI or whatever Fox News says on this board
@jg I'm completely fine with it and actually think it's a good thing, but you're right. Everyone who isn't white very quickly got their promotion (about 1 year into the role). You never hear from these people. They're incognito, cameras off, and functionally provide 0 leadership.
I'm fine with DEI-based promotions, but do think anyone in a senior role ought to act their wage.
@jg lol what? You’re glad that Brett Wall, the white 65 year old dude is gone, but somehow the white 65 year old was bad at his job because of DEI? The white. 65 year old. Male.
The reason we can’t get great talent is because the only requirement for promotion or hiring is still DEI based. Great talent isn’t just DEI based. White males over 50 are being purged every year. Glad Brett is the next to be purged. Then Geoff needs to go. Maybe the stock will eventually rebound after the phony buffoons are gone. Two of the worst leaders in company history. But guarantee you that their replacements won’t be white males.
There’s a lot that annoys me about this place these days, but the 401k match isn’t one of them.
That said, I’m not going to stick my neck out too far. It’s like a 7% match vs a 5% match at other companies. Your financial edge isn’t MDT’s 401k. I’m not going to cream my pants about it like some of the other posters here.
@hf lmao this is not true.
@hf I agree some of my friends at big tech wish that had Medtronic’s 401(k) contribution, but then again some of them receive RSUs that vest every year that end up being worth more than my entire annual salary here.
my friend at Abbott gets a 2% match on her 401K even if she contributes $0 plus an additional 5% match when she contributes and an annual 3% match. we get absolute sh*t
@hv Just went into my fidelity account for fiscal year 25. The 401k match was 3%. The MCC contribution came to about 2% in total, so in total I had it was a 5% percent match for fiscal 25. In the years before 25 it looks like it was 3% from the 401k match and 3% from MCC. I am not doing the match here right? Where would I see the EPS contribution?
@hv right, if you were hired before that date you would be in the pension program. If you’ve got a pension and are complaining about 401k match you’re just being a greedy whiner.
@hp Right off the MDT benefits web site: Over the last 10 years, Medtronic's total average company match has been more than 4.5% for employees who contribute at least 6% of eligible pay!
Then you have MCC
If you're a legacy Covidien employee or a newly hired employee on or after January 1, 2016, you'll be eligible to receive a core company contribution equal to 3% of eligible pay, made after the end of the Plan year. Medtronic makes this contribution to the Medtronic 401(k) Plan whether you contribute your own savings, or not.
Notice the Date above. It doesn't apply to everyone.
We've averaged about 7.2% total match over the last 10 years
@he without a single penny of EPS bonus this is still the most generous 401k I’ve ever had. Even FAANGs only have a 3-4% max employer contribution.
@hb And has medtronic hit the target for ECC or EPS for the last couple of years?
Yeah yall are id--ts.
We get a match of 50% of the first 6% (so 3%)
Plus constant MCC of 3%
Plus EPS match of 0-100% of the same 6%, if we hit target its 1.5%
So total match somewhere between 6%-12%, if we hit target EPS its 7.5% total
You people must be terrible with money.
The other 3% is call the MCC - Medtronic Core Contribution. It would have hit your 401k in June of last year. I got mine on June 20. Check your Fidelity account.
You may also have gotten a "top up" contribution on that date. If you hit the 401k contribution limit before the end of the year, the company will top up the employer contribution with your missed employer match. If you didn't max out your 401k before the end of the year you would not have a top up.
@cr we get 50% of your first 6% (aka 3%) the other 3% is based on company performance which has not been the other 3% in quite some time. What is this 'safe harbor' you speak of?
@cr Is this a recent change? As my understanding and what I have gotten in the past is you get a 50% match of the first 6% of your salary which equates to a 3% salary match. Then you get a performance kicker match up to 3% of your salary. I have never seen it reach the full 3% kicker but it did get close once but most often it is about a third or about a 1% match kicker. And speaking from personal experience this the least generous match program I have been part of. Oh and it doesn't track well with MIP outcome.
You get 3% match (50% of your first 6% of salary contributions) plus a 3% safe harbor contribution from the company which is not a match, meaning you get it whether you contribute or not. Then on top of that would get whatever the performance based bonus match is. It is the most generous 401k I’ve had in my almost 30 year career.
I wonder if the ransom they paid (or didn’t - yeah right) to shinyhunters will impact that or MIP and what the impact will be. It had to be millions, didn’t it?